Sunstone hotel investors, inc. (SHO)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income

142,793

259,059

153,004

140,677

355,519

87,939

70,001

49,557

81,299

38,542

-269,608

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Bad debt expense

361

815

730

618

238

368

294

410

630

89

5,976

Gain on sale of assets

42,935

116,916

52,747

18,422

242,234

5,292

-

-

-

-

-

Loss on extinguishment of debt

-

-800

-800

-284

-2,964

-4,638

-3,159

-191

18,145

86,235

54,506

Gain on redemption of note receivable

-

-

-

-

939

-

51,632

38,274

14,995

-382

-12,677

Noncash interest on derivatives and finance lease obligations, net

6,051

-1,190

3,106

-1,426

-309

-

-

-

-

-

-

Gain on remeasurement of equity interests

-

-

-

-

-

-

-

-

69,230

-

-

Loss on derivatives, net

-

-

-

-

-

529

525

-406

-2,655

-

-

Depreciation

147,669

144,958

155,962

159,919

160,405

152,581

131,793

128,206

118,834

100,670

110,642

Amortization of franchise fees and other intangibles

79

1,582

3,141

3,743

6,479

7,543

10,115

20,198

15,069

543

418

Amortization of deferred financing costs

2,791

2,947

2,409

2,200

3,148

2,777

2,957

3,952

3,305

3,623

2,673

Amortization of loan discounts

-

-

-

-

-

-

3

1,058

1,062

996

1,813

Amortization of deferred stock compensation

9,313

9,007

8,042

7,157

9,695

9,063

4,858

3,466

2,745

3,942

4,055

Impairment losses

24,713

1,394

40,053

-

0

-

-

-

12,357

1,943

226,145

(Gain) loss on hurricane-related damage

-

1,100

-201

-

-

-

-

-

-

-

-

Deferred income taxes, net

688

1,132

-9,235

-

-

-

-

-

-

-

-

Equity in earnings of unconsolidated joint ventures

-

-

-

-

-

-

-

-

21

555

-27,801

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-8,536

-11,543

11,688

249

-13,322

19,234

879

Accounts receivable

1,726

-905

-3,175

8,401

-1,775

1,532

-1,740

-4,587

4,123

-4,287

-9,903

Due from affiliates

-

-

-

-

-

-

-

-

-

-

-47

Inventories

-

-

-

-40

-44

-100

-1,524

271

316

163

-290

Prepaid expenses and other assets

1,387

-189

1,836

-977

-1,445

-3,121

-2,724

7,906

-2,558

4,494

-2,008

Accounts payable and other liabilities

2,935

3,322

-822

476

4,619

7,273

7,001

2,279

5,422

-1,301

-4,537

Accrued payroll and employee benefits

357

-1,648

784

-54

-2,060

2,776

-1,637

2,983

2,020

3,829

712

Operating lease right-of-use assets and obligations

-782

-

-

-

-

-

-

-

-

-

-

Due to Third-Party Managers

-

-

-

-

-

-

-

-

-

-2,449

-3,942

Discontinued operations

-

-

-

-

-

-

432

903

730

-78

-6,875

Net cash (used in) provided by operating activities

290,920

305,291

306,791

287,788

309,325

282,369

171,119

171,496

155,178

44,337

64,813

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets

49,538

348,032

150,215

41,587

565,115

110

195,628

46,367

44,576

63

64,073

Disposition deposit

-

-

-

250

-

-

-

-

-

-

-

Proceeds from property insurance

-

1,100

-

-

-

-

-

-

-

-

-

Proceeds from redemption of note receivable

-

-

-

-

1,125

-

-

-

-

-

-

Cash received from unconsolidated joint venture

-

-

-

-

-

-

-

-

-

900

500

Restricted cash - replacement reserve

-

-

-

-

2,642

4,311

-1,272

10,743

8,143

931

1,823

Acquisition of hotel property

705

15,147

173,728

-

-

276,558

450,544

120,003

263,264

142,410

-

Acquisitions of notes receivable

-

-

-

-

-

-

-

-

-

3,950

-

Proceeds received from sale of note receivable

-

-

-

-

-

-

-

-

79,194

-

-

Acquisitions of intangible assets

25

18,543

-

2,447

-

-

-

-

-

-

-

Renovations and additions to hotel properties and other assets

95,958

159,076

115,097

182,185

164,232

125,975

117,694

109,321

100,400

56,984

44,105

Payment for interest rate derivatives

-

-

125

-

13

-

12

-

1,082

-

-

Net cash used in investing activities

-47,150

156,366

-138,735

-142,795

399,353

-406,734

-371,350

-193,700

-249,119

-203,312

18,645

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offerings

-

-

-

190,000

-

-

-

-

115,000

-

-

Payment of preferred stock offering costs

-

-

-

6,640

-

-

-

-

4,052

-

-

Redemption of preferred stock

-

-

-

115,000

-

-

276,250

-

-

-

-

Proceeds from common stock offerings

-

45,125

79,407

55,133

-

284,390

566,451

126,533

-

199,875

269,100

Payment of common stock offering costs

-

784

1,475

941

-

1,000

691

451

-

9,233

12,025

Repurchases of outstanding common stock

50,088

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock for employee tax obligations

4,435

4,232

3,793

2,641

9,264

3,774

-

-

-

-

-

Proceeds from credit facility

-

-

-

-

-

-

-

15,000

-

-

-

Proceeds from notes payable and debt restructuring

-

65,000

460,000

100,000

123,000

178,250

35,750

-

460,000

92,500

60,000

Payments on notes payable

7,965

72,574

405,542

265,536

450,812

153,033

-

-

-

-

-

Payments on notes payable and credit facility

-

-

-

-

-

-

141,527

73,328

568,308

175,175

74,406

Payments of costs related to extinguishment of debt

-

131

1

173

1,245

4,051

3,108

70

-

-

-

Payments for repurchases of notes payable and related costs

-

-

-

-

-

-

-

-

-

-

117,450

Payments of deferred financing costs

-

4,000

3,500

1,759

5,861

2,346

243

1,332

9,049

4,788

3,540

Dividends and distributions paid

170,166

177,622

163,014

227,486

77,544

47,850

27,524

29,748

25,021

20,548

27,911

Distributions to noncontrolling interest

8,512

9,369

8,250

7,737

9,981

8,488

5,481

6,381

1,342

-

-

Net cash provided by (used in) financing activities

-241,166

-158,599

-46,205

-282,780

-431,707

242,098

147,377

30,223

-32,772

82,631

93,768

Net increase (decrease) in cash and cash equivalents and restricted cash

2,604

303,058

121,851

-137,787

276,971

117,733

-52,854

8,019

-126,713

-76,344

177,226

Supplemental Disclosure of Cash Flow Information
Cash paid for interest

45,301

44,795

40,987

50,107

63,552

69,511

71,563

78,234

76,015

65,780

91,407

Cash paid for income taxes, net

-395

693

1,433

1,241

583

273

7,143

1,023

-

-

-

(Decrease) increase in accounts payable related to renovations and additions to hotel properties and other assets

9,771

10,534

13,040

6,429

8,268

8,670

7,842

5,897

8,304

8,739

1,712

Amortization of deferred stock compensation - construction activities

406

376

472

591

580

474

393

302

376

182

188

Assignment of finance lease obligation in connection with disposition of hotel

-11,620

-

-

-

-

-

-

-

-

-

-

Increase in unsecured term loans due to debt restructuring

-

50,000

-

-

-

-

-

-

-

-

-

Decrease in unsecured term loans due to debt restructuring

-

50,000

-

-

-

-

-

-

-

-

-

Deconsolidation of assets of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

60,770

Deconsolidation of liabilities of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

101,221

Amortization of deferred stock compensation - unconsolidated joint venture

-

-

-

-

-

-

-

-

2

32

47

Preferred stock redemption charge

-

-

-

4,052

-

-

-

-

-

-

-

Issuance of common stock distributions

-

-

-

78,823

37,349

-

-

-

-

-

29,056

Issuance of note receivable

-

-

-

-

-

-

-

-

90,000

-

-

Issuance of common stock in connection with acquisition of hotel property

-

-

-

-

-

60,000

-

51,160

-

-

-

Assignment of debt in connection with dispositions of hotel properties

-

-

-

-

-

-

-

-122,622

-11,532

-

-

Assumption of debt in connection with acquisition of hotel property

-

-

-

-

-

-

119,190

-

545,952

-

-

Forgiveness of interest on note receivable

-

-

-

-

-

-

-

-

-

-

-1,050